The Japanese economy and future growth prospects
This paper examines Japanese growth prospects through a 3P framework - population, participation and productivity - and illustrates the importance of productivity growth in offsetting the effects of declining population and aggregate labour force participation. Without further structural reforms, particularly in the labour market and non-tradeable sectors, labour productivity growth will remain subdued and Japanese potential GDP growth constrained.
Volume (Year): (2004)
Issue (Month): 1 (April)
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